There is nothing more stressful than coming home from a long day of work and not knowing how you will afford to pay your bills. If this sounds like something happening to you, then it might be time for some changes.
Tip #1: Determine Where Your Money Is Going
The first step to stopping your paycheck from constantly running out is figuring out where all of your money is going. Track every penny you spend for a month using an app like Mint.
Tip #2: Eliminate Unnecessary Expenses
Being 1% better every day is the way to financial independence. Begin by making temporary sacrifices that are small and sustainable. If you stop spending on everything you like, you will probably relapse and accumulate more debt.
Tip #3: Negotiate As Many Expenses As Possible
Many people are afraid to negotiate their expenses, but it can save you a lot of money in the long run. If you don't ask, you'll never know whether or not you could have gotten a better deal.
Tip #4: Eliminate Any Unused or Unnecessary Subscriptions
Go through all your spending and see if you can do without one of your four streaming services. When you eliminate a $10 per month, you will save $120 per year, and if you do that ten times, you can save thousands each year and make real progress toward your savings goals.
If you haven't touched something in the last year, it is likely time to sell it. Have a yard sale if you have many items or use Facebook Marketplace or Craigslist. Having a less cluttered house is totally worth it, and the extra cash doesn’t hurt.
Tip #6: Look Into Side Hustles
The great thing about having a side hustle is that it can help you make extra money without making any drastic changes to your current lifestyle. Millionaires have an average of 7 streams of income. Never rely on your 9-5 job solely. An extra job can help you break this vicious cycle.